YouSaid · the spoken record

Michael Schmid

lines on the record: 64
first: 2024-01-03
most recent: 2024-01-03
sittings or episodes: 1
sources: podcast

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“Rocket science. Like it's literally just plumbing a couple of pumps, a couple of pipes, just cleverly connected together. And that's it. And so I believe we can run this, we can create a system that we could do in every house in the US. That's the end goal.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To install it. And we're looking for people that are saying, yes, I'm interested in paying this. I'm interested in opening it up and trying this in my house or maybe your second house or wherever. Right now, we're also going to look at specific locations. I myself, I'm in Virginia, a friend of mine. He's in British Columbia. We have other people of the Plebme community that could do other places. So location is also important because the first ones are going to be built by me. I'm going to come to your house. I'm going to install it. So we're looking for that. But there is a form on the website that you can fill out where you're located, what type of house, what type of heating systems, what type of you're interested in building. And the idea is really to slowly roll this out, build one or two systems, and then use these existing systems, obviously, to improve, but also teach more people that can then install these because it's not like every time that I build it and I look at it afterwards, it's like, it's no.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's people out there that want to build this, it's all there. Like, I learned everything myself. Like I said, I'm not from the US. I've never went to any, and I'm a software engineer. Everything that I know, I've learned myself through YouTube. I always say people ask me about like why do you know all these things? I was like, I don't know anything. I just have a YouTube account and a screwdriver and no fear. So it's possible. But of course, and like you say, there is millions of people out there that just want this installed. And that's what we're working on now is to actually find solutions or build systems kits, also teach plumbers, HVAC people, electricians, how to install such a system. And what we're looking for is people that are interested in saying, yes, I want to install this in my house, that are willing to pay for it. Like I said, we're talking just $10,000 just material. There's no labor yet. So such an installation will be around $20,000.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I actually have a complete parts list of every single piece that I use. I have schemas of my system. I have videos that explains how to connect all of it. We try to do everything as open source as possible because Bitcoin is open source, the whole community is open source. So the knowledge behind of this, I really believe that knowledge should be free. And so that is completely open source. So if you're a person that knows around this, you can totally build this. And I'm happy to help along the process. We have done this now twice already. So I have a friend of mine, he now hates a pool in his backyard. It's like a 30,000 gallon pool. It's a massive thing. And he's the only one that runs it all the winter long that is warm. And so he's now the best. All the kids from all the neighbors, they always come over because he's the only one that has a 90 degree pool in winter, heated through miners again. I have other sister Audah.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can find it on Nakamodohating.com. And we do have a form there for people to actually fill out that are interested in building such a system. Now, I do want to say is that we're very, very early. We don't have these systems built yet. There's not a warehouse of thousand units that I can ship out. And I have plumbers or installers that in every major city, like we have none of it, but we are at the point that I have now built my own system, so we are now at iteration three of my own system. I ripped it out twice and rebuilt it completely. So I feel very comfortable. I've went to the major issues. We had now a summer and a winter, and I can prove that it works. Plus, I've also already helped other people build their own systems at home. So if there is out there people that know about plumbing, know about electrical systems, this is totally possible.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, so there's two main ways. Mostly on Twitter. So you find me under the name Schnitzel, like the German dish. My DMs are open. Reach out if you have specific questions, if you want to talk. I'm happy to help. But I actually started a little company with a friend of mine. We call it Nakamoto Heating Solutions.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But actually, you should also mine at home because that's really the whole way then you're properly using and contributing back to the Bitcoin network when you run your own node and you're on your miners.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“50% more or maybe 100% max so the linear it's not linear to the hash they generate to the price so the older ones that nobody wants anymore they're quite cheap and we as miners or residentials we can use them we can install them and so we can give these systems a second or a third life even to use them and that's where I see this whole going so that the big miners they're gonna always buy the newest models they're gonna then sell them to the market and we're gonna install them into people's houses and generate sets and of course also secure the bitcoin network through that in a very decentralized way because that's another risk is as we're having this consolidation and all these big miners that's also a massive risk for bitcoin itself and i believe as we always say that like not your kins not your key not your coin so you need to store the bitcoin yourself you should also run your own node”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Residential areas are actually going to be the market for the older minor generations. To soak them up like a sponge because they are super cheap. Like even today, miners are actually very, very cheap compared to the bull run when we had two years ago. The miners that I use, you paid up to $15,000 for one device. I just bought some for $800. So, the price massively dropped because, A, of course, we're not in a bull run anymore, but also. Newer models that came out, and the newer models, yes, they're still $5,000, so they're still five, six times more expensive, but they don't have five or six times more hash rate. They maybe have...”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the older models, they may be still used, but the third generation of them, so two generations before, nobody wants them anymore. Because if you just purely mine for Bitcoin, they will not generate enough Bitcoin for the day or of the sets you get back every day. But we as homeowners that anyway would have spent the electricity. So in my system, if I just heat the water heater with the Bitcoin mining rig, I pay the exact same amount of electricity. There's no change in my electrical rate. The difference is I get Bitcoin back every single day. So I can take a five-year-old miner, put this in my system, and I can still make three sets. It's not going to be as many sets if I would use the newest model, but the newest model is also 10 times more expensive. What I believe is these house systems or these”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because they only produce Bitcoin. Like, they don't reuse the heat for anything else. The first ones are starting now. They're talking to miners like me to actually try to learn about this. So it's interesting that you talk to CEOs of big mining companies and you explain them how your system actually works because they realize that they could make even more money with reusing the heat. But today they just purely mine for Bitcoin. They don't use anything else. So they always need to use the newest models.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Call these people on Sunday morning if you don't have hot water, you could call a plumber, they could come out and they know how this system works. But that's not something that is going to happen from one day to the other. It's probably also not going to happen in a year that's going to be many, many years. But yeah, if you look at other technologies, how they were adopted by humans like smartphones, the internet, electricity itself, it will take time, but it's going to happen because it just makes sense. And specifically also about One of the things that I don't see a lot of people talking in the Bitcoin community today is that we generate a lot of waste with these miners. Like every year new miners are coming out and these big mining systems or mining companies, they always want the newest model because they have to because only then they're profitable.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“People A will learn how these things work. Nobody knew 20 years ago. Nobody really knew how to use a touchscreen. Now you have people that don't even know anymore what a regular keyboard is, because they're so used to type on mobile phones or dial rotary telephones, like give any kid a dial rotary phone. I have no idea what to do with it anymore. So I think people will learn about all these things anyway. And of course, it needs a lot of engineering to make all of this much, much simpler. Like my system today, yes, there's exposed things and stuff like that. But that's what I'm working on also to actually make it nicer looking to patch it in nice systems that plumbers, electricians, HVAC people also understand all of these things. So they could take a system that I'm building, install it in somebody's house, and then you can...”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Multiple times a second. So if you turn one off, it's not that you lost a video processing batch and now you have to start again or things like that. So you can turn them on and off immediately. So yes, I do believe that we're going to have in the future any type of heating system will be done through mining. What I also agree though is that this will take some time. But what I like to do actually, I like to look into like I go to YouTube and I look like old videos of like the first phones like people had these massive bricks in their cars and they had like these videos where somebody was on the phone while driving and making fun like people made fun of people that put car phones that had car phones like this will never work. Why would we ever need this? This is so complex. Like all the things that we are now saying about this, it's all there. But I believe this will be much, much, much easier because”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Heat. So, wherever you today generate anything through electricity, let's say your water kettle, like to heat water in the morning, to make a tea or a coffee, a miner would use the exact same amount of electrical energy to generate the same amount of heat than your water kettle or your electrical water heater or your hot torpater, your pool heater, anything. Because of that fact, it makes basically no sense anymore to put resistive heating elements into anything because you should actually use a miner or a computer that also uses the energy for something in our case to mine. And the really cool thing about mining is you can turn them on and you will be immediately mining within seconds and then you turn it off and you don't lose anything. Like these miners upload their share that they've done.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, the easy answer is yes, I do believe that in the future, wherever we generate heat for whatever reason, in industrial or residential areas, that they will be generated through Bitcoin mining. Because it does not make sense anymore to generate heat with resistive heating, so electrical, because a miner, and maybe that's the most important thing we have to understand, if you put, let's say, a thousand watts electrical energy into a computer, any computer, and miner specifically, a thousand watts of heat come out of it. So to computer, the computing of it does not consume energy. It does not use the energy and store it in the digital code. It uses the energy to run the electrons through the chips, and that is generates a resistive and that is a resistive heat. And so it generates...”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's actually pretty much the only way today that you can do KYC Bitcoins is to do mining because nobody knows that you do it, nobody knows the history through all of them. And so it highly depends on these multiple things. But yes, in my system, what I have with 12 cents and I right now, sorry, yes, 12 cents per kilowatt hour. And also I have two S19 JPros. So they have like both each 100 terahashes. And now in winter where the system runs Yeah, I easily make $10, $15 a day through that system and the whole cost of the whole thing is around $10,000 material only. And so yeah, you can calculate we write three to five years. And but of course also knowing that Bitcoin will probably go up. It could actually be in half a year, like depending what the price does, the whole system could be paid off in half a year, no problem at all.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Then technically, also a fifth one is how fast you want to actually sell the Bitcoin. Like, I, the Bitcoin that I mine, I don't sell them to pay for the electricity. For me, that's like DCing. Every second or every hour. So I'm happy to pay the electricity company. I pay them money and the miners that use the electricity crazy sets. So for me, that's my DCA”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it also depends on how long are you running the miners. Because in my system, when the house is hot enough, the hot water is hot enough and the hot tub is hot, I can't use the heat anymore. Like I have to literally stop the miners from heating or the whole system will overheat, which was the problem of the system in the beginning. There are ways you could have like a force system, let's say a radiator outside to just vent the heat outside. But depending on what type of miners you have and things like that, you may be actually pay more for the electricity than the Bitcoin that you generate at the same time Because there are older systems. And the fourth is the Bitcoin price itself.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yeah, that is correct. It highly depends, of course, A, what types of miners you're buying. Because the brand new models, there are older models. It also depends on how much you actually pay for electricity. Now, in the US, luckily, we have an average rate of 12 cents per kilowatt hours. In Europe, we have like 30, 40 even in some places So then your recuperation time just takes like four or five times longer just because the electricity rate is higher.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Nobody really knows because nobody has ever built these things or used the miners this way. And so, yeah, you have to go through this, you have to learn from it, and you have to improve.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And harder and harder and harder until they actually completely stop. So the hashboards at one point, luckily, also stopped to mine. And yeah, and the solution to the system is today, what I do is I'm actually physically disconnecting the miners if they don't need to mine anymore. So the technical term is a contactor or a relay that is physically able to disconnect the miners if the central system says, hey, you have heated enough. We don't need you anymore. And that's now I have this newer system with this contactor. And I obviously, like I'm an engineer, so I actually try to reproduce the same issue and I was able to and I was able to show that the miners now disconnect physically if something like that happens.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What happened, what I believe happened in my system is that because both of it is in oil. So the whole system is in oil, the hashboard, the power supply, and this little control board, that the control board lost the connection to the hash board because it got too hot. So all these connections, like these communications protocols, they start to glitch at specific temperatures. And so what happened is that the miner tried to tell the hashboards to stop but couldn't anymore because it was too hot. And so the hashboard just went on mined more. They used all the electricity. And even though the hashboard tried to tell it to stop, it started to glitch out. I can actually see from my data that my central control system tried to talk to the hashboards to the control boards to tell them to stop. And they also didn't respond anymore. And so basically the system just ended up in a loop and got harder.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was a fire first, but we couldn't find a fire. And yeah, at one point, I realized, okay, we cannot continue with the current system. Let's redo the old one. And that's when I did all of this. Turns out in the end, and I only learned this later, and I also learned this with other people that had the same issue, is a miner itself consists actually of two parts or two electronic or actually three, let's say three. So there's a power supply which converts the 240 volts into usually 12 volts DC because these miners, they run on DC current, not on AC, which we have on the wall. So that's the power supply. And then you have a little computer that runs a Linux on it that actually is the piece that talks to the pool or that receives all the stuff to do actually the hashing. And then there's the hash boards, which are actually the pieces that do all the hashing. And they're connected through a wire to that central computer.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I told her when she told me there's no hot water, I looked online in my system. And like I said, I just saw temperatures rising. And I told her, can you send me a picture of our, we have like a utility room where the water heater and all that stuff is in it? And she sent me a picture and usually pipes that should be straight, they literally were bent and like bent a lot. And the first thing I asked her is like, is there oil on the ground? There was not. But somehow what happened is the oil got much hotter than 200 degrees Fahrenheit. So almost to the boiling point, which is 100 degrees Celsius of water, the oil luckily boils way later, but all these tubes that I used, they are PECs. It's like plastic tubing. They're only made for like 100 degrees Celsius, 200 degrees Fahrenheit. So they all started to melt. And they also started to sag. So basically it looked like there was...”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And turn off, and I can go a bit deeper what actually happened. But there was no, it was clearly, I knew that it's not going to be easy to undo this. But so I basically, I document everything on Twitter of my stuff. So I used pictures that I took of the system and I created a documentation of what she has to do for anybody that knew or know how water heater works, they're connected. They have 240 volts. it's dangerous and she basically had to take the screwdriver remove some 240 wiring and put other wires the original month back in so i sent her pictures of what she had to do step by step we had a facetime call and she was ready to kill you”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My fear shop still brings me to Europe sometime. So I went over there and one afternoon, which is Europe afternoon, the US in the morning, I got a text that said there is no hot water. And that was probably the worst case that I was worried about because I'm like six hours at least flying away. Like I wasn't supposed to go back to the US for a couple of days. And there's no hot water at home. And so what do you do? Now in my system, I can actually, a lot of things I can remote control. So I can look at all the different stats of minor temperatures, when the miners ran, the water temperature, all the different things. I can look at. So I log into the system and there's like, I just see like graphs that just go up and they stop and there's no data anymore. So something went horribly wrong. And in hindsight, the miners.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My workshop, I built it all there, and then we moved it over. She was skeptical, but one of the things she said is like, I just want to make sure that whatever something happens, we can redo it to the original state. I was like, of course, I'm going to build it that way.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so my wife, since she knows me, we're now 10 years together. She knows that I always been a tinkerer. And when we bought our own house a couple of years ago, one of the exciting things for me was that I actually can work on the house because compared to Europe, in the US, you're actually allowed to do most things you can do by yourself. First, legally, you're allowed. In Europe, you're not allowed, for example, to even open like an electrical plug. So already, this is already no-go. So first of all, you can also legally end also you actually have access to all tools and the materials. That's the other thing. Like a lot of places in Europe you can. So that was very exciting. So I do all the stuff in the house that we need ourselves. Like if we move wiring or my wife wants a lamp somewhere else or we whatever, we do all the stuff ourselves. And when I started to initially do all the stuff and build the miners in there, and usually I build everything in my garage. I have a detached garage. So that's lumback.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Or we can then also use it through absorption chilling again to actually cool down a house or buildings or whatever you like to cool down. And I feel then we would really have an awesome system where you basically have a mining system inside your house. And in winter, you use it to heat your house. And in summer, you use it also to cool your house. Because then we would have efficiencies and we could generate, we could reduce the cost for people's houses massively.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One of the major things that I'm doing and other people are doing that build these systems, we use second or third generation. We can maybe talk about this a bit more why we're doing that. So that's a problem. Like if we build brand new systems, it does not become affordable anymore for houses or for home miners. Or the other ways you could actually use a small heat pump that then can take the 60 degree water Celsius and can put it to 80, 90 or 100. So that's one thing that I'm looking at right now is how can we use the miners to basically pre-warm water, use a heat pump to bring it up to higher temperature because then we could also cook with it. Like that would be cool.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Unfortunately, we're not there yet. Now, there's two ways to fix this. One is to actually build chips or build mining rigs that can go much harder. And there are rumors, or I've talked to some of the mining companies that are actually working on this to have systems that can get water that you could use or the oil up to 80 degrees Celsius, which would be very good. Or there's also ways that we can actually get it harder. The problem is then suddenly we create specialized rigs for this purpose.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And what I think should be possible is to use the exact same system also with the miners. One of the problem is that for these absorption chilling systems, usually the hot side needs to be 90 to 100 degrees Celsius. And with my miners, or at least the miners that we have today, you can get water to 60 degrees Celsius, 70 degrees is usually a problem and not no problem higher than that, so 80 to 90 is quite hard because the chips are not made for it. What we have to understand is all these chips are usually made to run at 30, 40 degree temperature room temperature. So that's normal or maybe a bit hotter room temperatures. Celsius, all Celsius.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, so there is a technology called absorption chilling, which basically can take a hot liquid or a heat source, and it can convert it back into cold air or cold water. This technology is used today mostly where you have a lot of waste heat. So like data centers, for example, they have massive amount of waste heat or like metal metal smeltering, like when you melt down metal and reform it and stuff like that. This creates thousands of degrees of temperatures because the metal is obviously very hard. It needs to be heated up. I won't go in specifically how chemically it all works, but you can basically extract the heat from, let's say, hot water and you can use it to cool down water and you can reuse it. And with data centers, what they do is they take out the hot air, run it through absorption chillings, and send it back in and use it to cool down the system again.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Asking questions how this works. They wanted to touch the oil, which they obviously could. It doesn't matter. Would never happen, unfortunately, nobody ever wanted to go in to the hot tub. And we then at the last hour of the last day, a couple of friends of this platminer community, we then just jumped in. And actually during that time, even more people came over and wanted to know what it is. But yeah, we had a minor heated hot tub at Bitcoin Miami. And I'm actually building another version right now for Bitcoin Nashville because we want to do it again, hopefully a bit the bigger hot top. And also, hopefully with people in it all the time, we'll see. If anybody wants to be in the hot top, talk to me.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Never had, like, I do other conferences in other tech stuff, but I never had a line of people standing around the booth to wait to talk to me. That was the craziest. Like, I could not eat lunch because I had so many people.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Correct. Yeah, you can fake it to, then I actually just started it and I showed them. So it was really like I basically had to do what I usually can do for a long time. We had to do our three hours and after three hours they were like, okay, you can run it, but don't start it because we don't want the fire marshal to see it while it's running. So it's just like all these things. But yes, at the end, we had a hot top that was heated up to 104 degrees Fahrenheit or 40 degrees Celsius, which is the regular temperature of a hot top. completely heated by one s19 shape pro which is like the standard today it produces around 3 to 4000 watts and people could not believe that this is it like we just had a hot tub there we ran the bubbles all the time because then steam comes out so you can actually see it we had a little display of the temperature and the miners there and people walked up and are like what's that and you said oh there's a miner over there and yeah there is like i've”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I basically had to explain them how it works, how each system works. They wanted to know what the oil is. Luckily, I brought the original oil containers, which have all the labels on it that explain that the oil is dielectric means it does not conduct any electricity it's made for that specific purpose. We talked about that we have to distance each other because of course there's a risk if the hot tub would leak and it would leak into the oil or then the oil suddenly becomes conductive and then you have a problem. So we talked a lot about that but basically it was me trying over three hours to convince the people there that we can run it. And we went from, okay, you can leave it there and you cannot run it to you can run it, but you need to use the original heater from the hot top and not actually the miners because the hot top itself also has a heater, but we didn't want this.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And again, if you hear that, this is actually 94% 95%, no, but there's a 5% chance that you can do it if they tell you bring it, we'll decide there. So I'm driving down there and rolling all this stuff in. And where the place is, while I'm pushing all these things in, there are like six people standing there from production house and other people to the fire marshal, to the head electrician. They're all there. And the first thing I do is I take out my box and inside the miners with a liquid and there's an electrical cable that goes in and it's transparent. The oil, if you don't know that it's oil, it looks like water. And the first thing the electrician says, no way you can move it out there right out again. And I was like, okay. So then a long time of just showing these people because again, they, even though they are electricians, even though they have never seen any of this.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You got to tell that story. Yes. So up front, it was always very clear that these conference center for anybody that ever organized a conference, you have a lot of people that need to approve what's actually happening on the show floor. Usually you have a production company, but then you also have the fire marshal and you have maybe police and other stuff. And we started quite early and I sent them pictures. And for people that have seen my system, it's not polished. It looks like somebody built it in their basement. I always call it the steampunk version. Like there's exposed wood and there's some exposed cables, but it works. And so I very cool people from the Bitcoin magazine started very early to convince the Miami exhibition people to allow that. And first they said no. And then later on, after I showed a video how it works and stuff like that, they were like, okay, bring it and we'll decide there.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I live in Virginia, so Miami is like 18 hours away. Put it all in a car, drove down to Miami, and installed it all there again and heated a hot top. So there are these inflatable hotps that have space for like three to four people. And we were able to convince first the organizers and BTC magazine, which organizes the conference, and then also”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Just have thousands of them, but if you want to start small, you can. And interestingly, in my experience with friends of mine, I obviously tried to Orange build them and some of them get it, some of them they don't want to know about it. But as soon as I told them that I get paid to shower now, because literally every time we take a shower, my wife asks me how many sets did I make now with the showers? And I can prove that the showers take longer now. So we also wanted to offer friends to shower in our house, but this is a bit weird. So we're still in the US. In Europe, that would maybe work. But I can see like people that don't really like Bitcoin now suddenly they are like, okay, wait, so this produces money. And can I have this in my house as well? So I basically reached out to Bitcoin Miami and I saw some people at other conferences to say, hey, why don't we show people? Why don't we bring my system? So I disconnected my complete system from the house.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes. On that point, after Become Miami, I found other people online. We call ourselves the plat miners that use them for heat reusage and stuff like that. And we really went, or there's a couple of Telegram groups where people exchange ideas about that stuff. And I really started to build this and looked at other people, what they built, like these alternative heating solutions. The piece that I was really wondering all the time is like, how can we actually show this to people? Because a lot of times people think minors are really big systems. Like they see these big setups, data centers of all the companies like Riot, Marathon, and all these. And they think this is how you mine. But in the end, a miner, there's literally for the people that are on the video, there is one behind me. It's like a shoebox size of device. And these big systems.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so you can actually overclock these miners more than you normally can with air. That, of course, is not very good for the hardware because the more harder they run. Their lifespan will go down. But in my specific case, where I actually use secondhand or third-hand miners anyway, I can run them quite hot to get really get the heat out of the system.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, it actually does because one of the issues with air is dust or particles or even animals. Box and stuff, when they get caught in the airflow. Can destroy fans. There is all these cooling systems, and if they get clogged up, the air cannot properly flow over anymore. And your miners are going to die if you cannot properly remove all these things. So you need to make sure that like... There's no light, so no box getting to the systems. I need to monitor the temperatures with the oil. There's none of these problems. All you need to do is to make sure that nothing goes into the oil. But that's it. You can just cover it up. That's very simple. The oil actually has a much better way to remove the heat from the miners than what air does.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A shower in immersion oil that was like 100 degrees hot and stuff like that. But you learn, you fail, and you fix. And yeah, that's basically it took its turn. I started with the water, then I looked into could also hate the hot top. So my wife and I, we have a hot tub outside, looked into that, figured out how I can build diversion systems to actually send the hot oil or the water to specific places. And last winter I also started to look into how to actually heat the house. because our house luckily is a hydronic system, meaning it pumps hot water through radiators and baseboards. So that's already there. There's a regular oil furnace that heats up the water. So I basically just disabled the oil furnace, plumped in the heat exchanger, and now I can heat the house as well. And yeah, so that's what we currently, or I currently do at home, is basically I disabled all the other heating systems that I have. And I use”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Volume, but a liquid like oil or water is a small volume and you can put a lot of heat. Anybody that ever boils some water on a stove knows how long it takes. That's how much heat that the liquid can actually store. So I was looking into, okay, could I actually heat my water in my house for the shower and with some YouTubing and looking into alternative heating solutions because there are people out there that do this already with wood fire stoves. So people that live in woods and have a lot of wood, they use the wood to heat up the water instead of electrical or gas. And so they use the systems that these people use for these alternative heating solutions and I connected my miner through immersions system and got it running quite well, not at the very beginning. Like there was a lot of issues like usual, these are completely new things. So yes, I took.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Saw there was that you can quite easily take out the heat from the miners, put it into the oil so the oil flows through the miners, extracts the heat, and then you have the heat in a liquid. And as soon as you have a heat in a liquid, you can easier transport it, you can confine it, you can run it through heat exchangers. Because if you have it in air, if you have hot air, it's very hard to transport it or to use it again because use a lot of”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Actually, one place I tried to offer them, part of the Bitcoin, they didn't want any, so I was like, okay, well then, if you don't want, but that worked. I was able to delay the amount of propane that I used through like four or five days. Because during the night, it was still pretty cold. So I still had to use the propane to kick in when it was too cold. So I already had to learn how to measure the temperature inside the airstream and decide that's just a minor run or does the propane still run. But basically I was able to extend all of this. And that was something I built. I put it on Twitter and people completely freaked out because nobody ever seen this. Already people started to ask me like, what are we going to do in summer? Because summer, you don't need to heat the garage. And so I actually went to Bitcoin Miami. That was 2022. Yes. And I saw all these immersion cooling systems. So the really big, the industrial ones that have like hundreds or thousands of miners. And what I”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I can see where this is going. And a lot of times that's 30 50 amps. So we have a lot of power. So, what I did, people can see it on my Twitter feed. I took an S9 outside, piped it into the airstream, plugged it into the electrical that was already there, and started to heat. My airstream trailer with S9s, basically for free. Because in these RV parks, you just pay a daily fee and it doesn't really matter how much electricity you use.”
2024-01-03 · We Study Billionaires · BTC163: A Bitcoin HVAC & Hot Water System in the House w/ Michael Schmid (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT